Sierra Leone Business: START-UP BUSINESS WASTE TO WEALTH: AMAZING BUSINESS OPPORTUNITIES IN THE WASTE MANAGEMENT BUSINESS (Part 1)

Chucks lives in Lagos Nigeria one of the fastest growing cities in the world today with a population of about 20 million. The city produces tons of garbage daily making it a lucrative opportunity for those in the waste clearing business. He always wanted to run his own business, but didn’t develop a passion for waste management until he spent 15 years doing it for someone else. In 2012, he and a business partner launched WM Ltd, a dumpster rental and waste hauling company in Lagos. The company has now 8 branches in other states of Nigeria.
Waste management or waste disposal are all the activities and actions required to manage waste from its inception to its final disposal. This includes amongst other things collection, transport, treatment and disposal of waste together with monitoring and regulation. The term normally relates to all kinds of waste, whether generated during the extraction of raw materials, the processing of raw materials into intermediate and final products, the consumption of final products, or other human activities, including municipal (residential, institutional, commercial), agricultural, and social (health care, household hazardous waste, sewage sludge).Waste management is intended to reduce adverse effects of waste on health, the environment or aesthetics. The fact that people and industries generate waste on a daily basis means that there is always a ready market for waste management companies.
Just like any other business, if you are able to conduct your cost analysis, market research and feasibility studies before launching your waste management company, you are more likely not going to struggle to grow the business because there are loads of people and businesses out there who are looking for waste management companies to help them handle their wastes as required by the law.
Starting and operating a waste management company can be challenging, but the truth is that it can be rewarding at the same time. One good thing about the industry is that it is open to both big time investors who have the capacity to start the business with fleet of waste collection trucks and aspiring entrepreneurs who may want to start with just one waste collection truck.
The target market for a waste management company should involve, construction sites, farmers, dry cleaners, printing companies, manufacturers (chemical manufacturers, textiles manufactures et al), automobile repair shops, exterminators, photo processing centers/photo labs, electroplating companies, households that generate sludge and hazardous waste, corporate organizations who generate hazardous waste, small business owners who generate hazardous waste, hospitals and oil and gas sector amongst others. There’s a whole lot of waste being generated in every corner of the earth on a daily basis from household wastes to industrial wastes, medical wastes and chemical wastes. These wastes could take thousands of years to decompose even after they have been buried, thereby leading to environmental degradation and global warming. The waste management industry was born out of the need to protect our environment from hazardous substances.
Waste management is not a business that most people would readily go into because of the filth involved and that is why it continues to be a huge money maker for very few people. So what business opportunities lie in wait for people who want to invest in this industry? Are you interested in starting a waste management business? Below are 17 booming business opportunities in the waste management industry.
1. Residential garbage collection-Every home owner has to deal with waste materials of varying proportions daily which is why residential garbage collection is a very good business idea. To start this business, you would need to buy or hire a waste disposal truck and have an understanding with a waste collection center where you would dump the refuse after collection.
2. Collection and sales of factory wastes-: This is another very lucrative business in the waste management industry. It involves collection of waste materials from factories and disposing them on their behalf. You could serve as many factories as possible or sign a contract with just one company.
3. Recycling plant-: A recycling plant might be a capital intensive but very profitable business. It involves setting up a place where garbage collectors can come and sell the recyclable materials they collect in bulk and you in turn would resell them to factories or companies who need these materials.
4. Industrial waste collection-: This is similar to residential waste collection only that this business focuses on collecting garbage from offices and business premises instead of private residences and homes.
5. Waste collection center-: If you cannot afford a garbage truck, you could set up a place where people can come and dump their garbage for a fee and then you will hire a garbage truck to collect all the dumped waste and transfer them to a proper dumpsite.
6. Public toilets and Bathroom construction-: Have you ever been in a public place and had a serious urge to use the toilet but there was none in sight? I am sure you would have been willing to part with a few hundreds just to make a toilet appear right there at the time. So many people experience this situation daily that is why there is a need for more public toilets and bathrooms, so that people who need to relieve themselves while in public can pay you to use your facility.
7. Scrap metal depot-: Metals are currently in high demand due to there use in the manufacturing and production industry. You can go around collecting metal scraps or have people who collect them sell to you in large quantities while you resell them to companies who produce nails, roofing sheets, pots, cutleries etc. (..to be continued)
John F Fowler is a business consultant, entrepreneur and youth entrepreneurship development trainer. He has produced books on various SME business start-ups . For business advice contact him on Sinfo@startabusiness.com.ng , www.startabusiness.com.ng, whatsapp +234 802 325 4577.
Monday December 11, 2017.